Naira strengthens to N1,348 against the dollar despite rising global tensions.
The Nigerian naira is showing remarkable resilience this April. In the official market, our local currency strengthened to N1,348 per dollar today. This comes at a time when global markets are feeling the heat.
Tensions between the United States and Iran are escalating again. Usually, such global instability makes the dollar stronger against other currencies. However, the naira is holding its ground with a slight 0.3% gain. Earlier this morning, it even touched a high of N1,346. This steady performance is a relief for many businesses. It suggests that our internal monetary policies are working effectively.
Central bank interventions and improved liquidity drive recovery
The recovery of the naira is not a random event. It is the result of persistent Central Bank of Nigeria (CBN) interventions. The bank has been consistent with dollar auctions to Bureau De Change (BDC) operators.
This move has helped to flood the market with much-needed foreign exchange. Also, our foreign reserves have grown to nearly $48 billion. This is largely due to stable crude oil prices and increased production. When the government has more “firepower” in its reserves, it can protect the currency better.
Investors are also returning to the Nigerian market because of high interest rates. These factors combined have created a very favorable environment for the naira.
Global geopolitical shocks and the safe-haven dollar
While we celebrate locally, the international scene is quite tense. Fresh friction in the Middle East is pushing investors toward “safe-haven” assets.
The US Dollar Index remains a primary choice for global investors during crises. Iran recently announced it would skip further negotiations with the United States. This news has created uncertainty around the Strait of Hormuz.
A blockade in that region would disrupt global energy supplies instantly. Despite these external pressures, the dollar is struggling to break through its current resistance. This global weakness is providing a perfect window for the naira to gain more territory. We are closely watching the N1,340 support level for the next big move.
Managing the gap between official and parallel markets
One of the biggest wins this year is the closing gap between exchange rates. The difference between the official and black market rates is now less than 5%.
This is a massive improvement from the chaos we saw last year. Small businesses in Lagos and Abuja can now access dollars more predictably.
Traders are no longer charging the extreme premiums we used to see. This stability allows for better planning and lower prices for imported goods.
If the naira breaks below the N1,340 mark, the next target is N1,300. As an editor, I believe maintaining this discipline is key to a sustainable economy. We must keep a close eye on corporate demand as the quarter progresses.
Naira strengthens to N1348 April 2026
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